Great Video...But You Kind Of Made It Way More Confusing Then What It Has To Be😂. Basically All You Do Is Have Your Direct Deposit Go Onto Your Credit Card Instead Of Your Checking Account. Then You Pay Your Monthly Bills With That Card. Then You Repeat The Process Until A Card Is Paid Off Then Move To The Next Card.👍🏾
Credit card companies are catching on to this and due to the economy people are maxing out credit cards more than ever, so once the credit card is paid a 'sudden' large amount, the credit card company is decreasing the credit card holders credit limit.
This was a great video! Very well explained. My question has to do with paying the cards off. Are you just moving money around from one card to the other?
It's important to note that, whatever credit card you choose to use for velocity banking, you can add the minimum monthly payment for that card as positive cash flow since you'll be parking your income on that card, satisfying the monthly payment.
It's great, but you forgot to calculate the 5$ cash advance the bank charge on each account you pay plus the daily interest. Is there another way to avoid these charges?
Honesty use this method: Owed/monthly payment That will give you a number The one that is closer to 1 is the one you pay first, that one will be your biggest cash bleed and free you up the most. 1st would be cc 1 2nd cc2 3rd cc3 as its the Using the formula up above. The interest rate is not important using this method.
Great Video...But You Kind Of Made It Way More Confusing Then What It Has To Be😂. Basically All You Do Is Have Your Direct Deposit Go Onto Your Credit Card Instead Of Your Checking Account. Then You Pay Your Monthly Bills With That Card. Then You Repeat The Process Until A Card Is Paid Off Then Move To The Next Card.👍🏾
Credit card companies are catching on to this and due to the economy people are maxing out credit cards more than ever, so once the credit card is paid a 'sudden' large amount, the credit card company is decreasing the credit card holders credit limit.
@@kariomo9085I'm here because of the credit limit. 😅
This was a great video! Very well explained. My question has to do with paying the cards off. Are you just moving money around from one card to the other?
I have no idea why this video, doesn’t have way more likes 👍🏽
It's important to note that, whatever credit card you choose to use for velocity banking, you can add the minimum monthly payment for that card as positive cash flow since you'll be parking your income on that card, satisfying the monthly payment.
Awesome
It's great, but you forgot to calculate the 5$ cash advance the bank charge on each account you pay plus the daily interest. Is there another way to avoid these charges?
You shouldn't be doing a cash advance
Right. Cash advance for what? He's not doing a cash advance
Honesty use this method:
Owed/monthly payment
That will give you a number
The one that is closer to 1 is the one you pay first, that one will be your biggest cash bleed and free you up the most.
1st would be cc 1
2nd cc2
3rd cc3 as its the
Using the formula up above.
The interest rate is not important using this method.
Yes! Cash flow index.
The highest minimum payment is the one I used...it frees up the most cash flow.